The bilateral agreement was expected to be presented in Lisbon for approval in early March.
However, it is hardly anything more than the present system of accreditation tidied up. So don't expect that if you have a FAA CPL/IR that you'll be able to swap it for a JAR-FCL licence - you'll still have exams and Skill Tests to pass.
It is NOT in force yet; I do not know the implementation date.